20 Aug 2019 (Yahoo Singapore News) (Reuters) KUALA LUMPUR, - Malaysian palm oil futures were trading in a narrow range on Tuesday morning, impacted by declines in soyoil on China's Dalian Commodity Exchange, while a weaker ringgit offered some support. The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was last slightly up 0.1% at 2,157 ringgit ($516.03) per tonne. The September soyoil contract on the Dalian exchange was last down 0.4% on Tuesday morning. The ringgit, palm's currency of trade, last slightly fell against the dollar, making the edible oil cheaper for foreign buyers. It was last down 0.1% at 4.1800.
FUNDAMENTALS * Palm oil may fall to 2,113 ringgit per tonne as it has pierced below a support at 2,160 ringgit, said Wang Tao, a Reuters market analyst for commodities and energy technicals. * U.S. corn futures edged higher on Tuesday as the U.S. Department of Agriculture said the condition of North American crops has deteriorated, though gains were checked amid ample global supplies. * Crude oil prices slipped on Tuesday, but losses were limited as equity markets rallied and as traders hoped Sino-U.S. trade tensions would ease.
MARKET NEWS * Asian shares extended their gains on Tuesday as hopes for stimulus in major economies tempered anxiety about a global recession, helping boost riskier assets and drawing money from safe-havens such as bonds and gold. * U.S. stocks climbed on Monday as reports of stimulus efforts in China and Germany calmed fears of a severe downturn in the global economy that were stoked last week as bond yields fell. * The dollar held near a three-week high on Tuesday, as expectations global economies would unleash fresh stimulus and an improvement in appetite for riskier assets lifted yields on U.S. government bonds.
DATA/EVENTS 0600 Germany Producer Prices MM, YY July 1000 UK CBI Trends - Orders Aug Palm, soy and crude oil prices at 0258 GMT Contract Month Last Change Low High Volume MY PALM OIL SEP9 2107 +2.00 2107 2109 6 MY PALM OIL OCT9 2127 -2.00 2126 2140 789 MY PALM OIL NOV9 2153 -3.00 2150 2164 2716 CHINA PALM OLEIN SEP9 4646 +6.00 4596 4650 37018 CHINA SOYOIL SEP9 6016 -24.00 5976 6036 41388 CBOT SOY OIL OCT9 28.93 +0.13 28.81 28.96 217 INDIA PALM OIL AUG9 0.00 +0.00 0.00 0 0 INDIA SOYOIL AUG9 756.5 -2.70 756.5 758.8 940 NYMEX CRUDE SEP9 56.25 +0.04 55.94 56.25 110 Palm oil prices in Malaysian ringgit per tonne CBOT soy oil in U.S. cents per pound Dalian soy oil and RBD palm olein in Chinese yuan per tonne India soy oil in Indian rupee per 10 kg Crude in U.S. dollars per barrel ($1 = 4.1800 ringgit) ($1 = 71.4380 Indian rupees) ($1 = 7.0635 Chinese yuan) ($1 = 4.1800 ringgit) (Reporting by Emily Chow; editing by Uttaresh.V)